On November 11, 2022, we last informed you about the current status of the Dubai Pearl, the eyesore directly in front of the Palm Jumeirah. In it, we reported that, at best, things could now finally move forward with the Dubai Pearl, since a Canadian hotel company, MOON, has announced interest in the Dubai Pearl and work has resumed on the ruined building.
As a reminder - the project has been a building ruin since 2002, 21 years ago.
In November 2022, the demolition of the Dubai Pearl began. Now what all has happened since then...?
As you can see from the picture below, quite a lot!
The ruined building was completely blown up. The blasting started in the beginning of 2023 and we could feel the vibration partly even in our office. Our office in the Arenco Tower is only a few hundred meters away from the ruined building. (On the cover picture you can see the Arenco Tower. It is located on the far left). Now the last concrete blocks are cleared away and the Dubai Pearl project is finally "buried".
According to the signage below, photographed by Hotelier Middle East on July 17, 2023, the Dubai Pearl now belongs to DHAM FZ LLC. DHAM FZ LLC is a subsidiary of Dubai Holding, one of the largest and most prominent developers in Dubai. The iconic projects, such as La Vie in JBR, Madinat Jumeirah Living or Port de La Mer, were developed and built by Dubai Holding. Already in early 2023, there were rumors that Dubai Holding had won the bid for the failed project and would now work with First Abu Dhabi Bank (FAB) on new plans. However, neither Dubai Holding nor First Abu Dhabi Bank commented on these rumors.
So it remains exciting... 😊 Surely the demolition of the Dubai Pearl was necessary and long overdue - the sight was sad and only reminded of a failed project. Now the ruined building is gone and we are looking forward to the upcoming project. We are convinced that if Dubai Holding will actually develop a project on it, it will certainly be a successful venture.
As always we will keep you informed.
Best regards from Dubai!
Your Terra Nova Real Estate Team